Riyadh – Mubasher: Al Moammar Information Systems Company (MIS) announced that the Saudi Digital Bank, in which the company contributes as a founder, has received approval of the Council of Ministers to obtain the necessary licence.
The digital bank is in compliant with Shariah and established at a total capital of SAR 1.5 billion, according to a bourse filing on Wednesday.
MIS has contributed SAR 25 million to the Saudi Digital Bank’s capital.
The Saudi Central Bank (SAMA) will complete the necessary requirements to set up the financial institution, following the Council’s approval.
MIS announced last February that it will participate as a founding shareholder in establishing the digital bank.
Earlier today, Saudi Telecom Company (stc) said its subsidiary the Saudi Digital Payments Company (stc pay) will obtain a licence to become a digital bank.
